Residents hope buyer will rehab apartments But experts say slim chance Hidden Cove will be renovated
April 06, 1998 | By Larry Carson | Larry Carson,SUN STAFF Dundalk residents who last month rejected a government-aided plan to renovate the Hidden Cove Apartments over fears it would cater to the poor hold out hope that a new buyer will appear and convert the 32-year-old complex into elderly housing or condominiums. But neither is likely, say a variety of county officials and real estate experts , who predict more slow decline for the unprofitable 30- acre waterfront complex in West Inverness , a densely populated community of about 2,000 brick townhouses. The $ 9 million sale price , combined with the multimillion-dollar cost to renovate or demolish the 504-unit, three- story brick complex , makes any purchase or extensive redevelopment problematic without government aid , county officials and real estate experts say. "The numbers won't crunch" for a conventionally financed deal , said county Councilman Louis L. DePazzo, a Dundalk Democrat who supported the plann...